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The Australian dollar makes up ground against the GBP

Written by Sam Coxhead on October 28th, 2011.      0 comments

12:15 PM (NZT) This pairing spent the start of the week muddling around with first of all a little AUD strength, before Wednesdays lower than expected Australian inflation number reversed the AUD’s modest gains. As the EU summit started the AUD upside momentum once again started build. After the announcement that the final goal had been reached in the agreement of the 50% voluntary write down of Greek debt, the wider market risk appetite took off the and AUD went with it. This was helped by the positive US economic data which pushed the AUD to its highs against the GBP. This move has been driven partly by the better news and partly by the very aggressive reversal of risk aversion trades by investors, whether or not these gains are to be maintained by the AUD remains to be seen. Current levels offer another opportunity for great value buying of GBP with AUD.
The current interbank midrate is:       AUDGBP .6648                       GBPAUD 1.5042
The interbank range so far this week to date has been: AUDGBP .6460 - .6663                        AUDGBP 1.5008 – 1.5479